Genzyme Corporation, a wholly-owned subsidiary of Sanofi, announced today that it is soliciting consents (the “Consent Solicitation”) from holders of its outstanding 3.625% Senior Notes due 2015 and 5.000% Senior Notes due 2020 (collectively, the “Notes”) to the release of the existing guarantee of the Notes by Genzyme Europe B.V. (the “B.V. Guarantee”) and certain amendments to the indenture governing the Notes, including the elimination of substantially all of the restrictive covenants contained in the indenture and the Notes (other than, among other covenants, the covenant to pay interest and premium, if any, on, and the principal of, the Notes when due) (the “Proposed Amendment”).
